Lost Checks - No Payee - Best Practice

MySpam myspam at americansentry.net
Sun Jun 7 19:34:00 EDT 2015


"Orphan", as I best understand is a trick by gc to put an incomplete 
transaction somewhere.  What I do with a voided check is put "Void" in 
the payee field, and post the zero credit amount to the checking 
account, and post the zero debit amount to the expense account "misc".  
If you choose to post every one of the voided checks, then I would 
create an expense account "Voided Checks", but I don't think entering 
all of the voided checks is necessary.  The intent of posting to the 
expense account "Misc" is to honor standard accounting procedures.

John



On 06/07/2015 03:35 PM, Milton Stern wrote:
> Just an update on the Lost check situation.
>
> 1. The bank, via secure email, informed me that their initial response was
> in error. There would be no charge fo "Stop Check" orders for checks lost
> in the mail from their order center to me.
> 2. They sent me new checks that arrived within 2 days (no charge for
> expedited shipping.) - I was impressed
> 3. The "Lost" checks arrived the same day via regular mail (1 month late).
> Asked the bank if they would unstop the "lost" checks, or I should destroy
> them. There response was to disregard the "lost" checks, but I could use
> them after 6 months because a check stop order is only good for 6 months.
> Very strange response. But, I guess it makes sense for a dated check to be
> stopped only for 6 months because a dated check is invalid after 6 months.
> Good thing that I have a decent diamond cut shredder. Anybody need some
> confetti?
>
> Anyway, back to the uses of the "Orphan" account.
> Wm... I'm confused. From your description, wouldn't it be appropriate for
> the "Orphan" account if a "Voided" check has no Payee matching account?
> Is it better to let our confused financial banks keep track without a
> notation within our local software?
>
> Thanks.
>
>
>
> On Sat, Jun 6, 2015 at 7:53 AM, <gnucash-user-request at gnucash.org> wrote:
>
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>>     1. Re: Lost Checks - No Payee - Best Practice (Wm)
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>> ----------------------------------------------------------------------
>>
>> Message: 1
>> Date: Fri, 5 Jun 2015 19:57:06 +0100
>> From: Wm <wm+gnc at tarrcity.demon.co.uk>
>> To: gnucash-user at gnucash.org
>> Subject: Re: Lost Checks - No Payee - Best Practice
>> Message-ID: <OVxo$AHCEfcVFw$T at tarrcity.demon.co.uk>
>> Content-Type: text/plain;charset=us-ascii;format=flowed
>>
>> Tue, 2 Jun 2015 15:49:34
>> <CACzT_q9rL-NTE8KpK4m=LHxymiDd3OXLj+6aVrT0vHGx-=bQqw at mail.gmail.com>
>> Milton Stern <drmoshe5 at gmail.com>
>>
>> A "Lost Check" account would work. May I ask if it would be
>> inappropriate
>> to match with the "Orphan" account?
>> I'm not clear on the "Orphan" usage.
>>
>>
>> Do NOT use an Orphan a/c for this (or anything else) they are gnc's way
>> of saying something has gone wrong (transaction not balanced, etc).
>>
>> If there was no cost associated I'd void the set of cheques with the
>> bank and leave it up to them not to honour them
>>
>>
>> --
>> Wm...
>>
>>
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